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GBP/USD – Will 50-day moving may lend support to the pair

AnalyticsTrade Team
AnalyticsTrade Team Last updated on 1 Jan 2023
Category: GBP/USD
GBPUSD analysis

Table of Contents

The GBP/USD price is struggling to hold onto the gains after finding a bearish engulfing bar on the daily chart. The price closed below the 20-day moving average and played around the 200-day moving average.

The 50-day moving may lend support to the pair. However, the 100-day SMA is flat, and it may attract the price towards itself. The current scenario is neutral for the pair with a tilt towards the downside.

The US jobs data is important for the market next week to determine the directional bias.

Key levels for GBP/USD

Support1: 1.2000

Support2: 1.1905

Support3: 1.1855

Resistance1: 1.2100

Resistance2: 1.2175

Resistance3: 1.2250

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